Perpetual Ltd Has $2.08 Million Stock Holdings in AbbVie Inc. $ABBV

Key Points

• Perpetual Ltd has reduced its holdings in AbbVie Inc. by 42.1%, selling 8,171 shares during the second quarter, thereby owning a total of 11,216 shares worth approximately $2,082,000.
• AbbVie reported a quarterly earnings per share of $2.97, missing estimates but showing a 6.6% year-over-year revenue increase to $15.42 billion.
• The company's latest quarterly dividend of $1.64 per share reflects an annualized yield of 3.0%, with a payout ratio exceeding 312%.

Perpetual Ltd cut its holdings in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 42.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 11,216 shares of the company's stock after selling 8,171 shares during the period. Perpetual Ltd's holdings in AbbVie were worth $2,082,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. TD Capital Management LLC raised its holdings in AbbVie by 82.9% during the first quarter. TD Capital Management LLC now owns 128 shares of the company's stock worth $27,000 after acquiring an additional 58 shares in the last quarter. Abound Financial LLC acquired a new position in shares of AbbVie in the first quarter valued at about $30,000. Siemens Fonds Invest GmbH increased its holdings in shares of AbbVie by 197.6% during the fourth quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company's stock worth $32,000 after purchasing an additional 119,141 shares during the period. Cypress Capital Management LLC WY bought a new stake in shares of AbbVie during the 1st quarter valued at $35,000. Finally, Pinney & Scofield Inc. bought a new position in AbbVie in the 4th quarter valued at about $36,000. 70.23% of the stock is currently owned by institutional investors and hedge funds.

AbbVie Trading Up 0.3%

AbbVie stock traded up $0.62 during trading hours on Monday, hitting $223.09. The company had a trading volume of 5,989,926 shares, compared to its average volume of 6,480,546. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.61 and a current ratio of 0.74. The company has a 50-day moving average price of $203.12 and a two-hundred day moving average price of $194.78. The firm has a market cap of $394.09 billion, a P/E ratio of 106.23, a P/E/G ratio of 1.33 and a beta of 0.53. AbbVie Inc. has a 1 year low of $163.81 and a 1 year high of $225.16.

AbbVie (NYSE:ABBV - Get Free Report) last posted its earnings results on Thursday, July 31st. The company reported $2.97 EPS for the quarter, missing analysts' consensus estimates of $3.24 by ($0.27). AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The firm had revenue of $15.42 billion for the quarter, compared to analysts' expectations of $14.93 billion. During the same period in the previous year, the company earned $2.65 EPS. The company's revenue was up 6.6% on a year-over-year basis. On average, sell-side analysts anticipate that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Wednesday, October 15th will be paid a $1.64 dividend. This represents a $6.56 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend is Wednesday, October 15th. AbbVie's payout ratio is currently 312.38%.

Insiders Place Their Bets

In other AbbVie news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the company's stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $198.42, for a total value of $8,407,055.40. Following the sale, the executive vice president owned 177,292 shares of the company's stock, valued at approximately $35,178,278.64. This represents a 19.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Nicholas Donoghoe sold 13,295 shares of the firm's stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $198.51, for a total value of $2,639,190.45. Following the completion of the sale, the executive vice president directly owned 58,247 shares in the company, valued at approximately $11,562,611.97. The trade was a 18.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.08% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

ABBV has been the subject of several research reports. Berenberg Bank upgraded AbbVie from a "hold" rating to a "buy" rating and increased their target price for the company from $170.00 to $270.00 in a research report on Wednesday, September 17th. Piper Sandler assumed coverage on AbbVie in a research report on Tuesday, August 12th. They set an "overweight" rating and a $231.00 target price on the stock. Bank of America increased their price objective on AbbVie to $204.00 and gave the company a "hold" rating in a report on Monday, June 9th. BMO Capital Markets lifted their target price on shares of AbbVie from $215.00 to $240.00 and gave the stock an "outperform" rating in a research report on Friday, September 12th. Finally, JPMorgan Chase & Co. boosted their price target on AbbVie from $200.00 to $235.00 and gave the company an "overweight" rating in a report on Tuesday, September 16th. Four equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat, AbbVie presently has an average rating of "Moderate Buy" and a consensus price target of $223.45.

About AbbVie

AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals worldwide. The company offers Humira, an injection for autoimmune and intestinal Behçet's diseases, and pyoderma gangrenosum; Skyrizi to treat moderate to severe plaque psoriasis, psoriatic disease, and Crohn's disease; Rinvoq to treat rheumatoid and psoriatic arthritis, ankylosing spondylitis, atopic dermatitis, axial spondyloarthropathy, ulcerative colitis, and Crohn's disease; Imbruvica for the treatment of adult patients with blood cancers; Epkinly to treat lymphoma; Elahere to treat cancer; and Venclexta/Venclyxto to treat blood cancers.